Sale decision soon

26 March 2001 00:00  [Source: ACN]

Ube Industries expects a decision to be reached by end-August on whether or not its shares in Grand Polymer will be bought by joint-venture partner Mitsui Chemicals, a source close to Ube said.

Grand Polymer is a 33:67 PP joint venture between Ube and Mitsui Chemicals.

Grand Polymer has a total PP output of 700 000 tonne/year from seven wholly-owned plants in Chiba, Sakai and Takaishi.

The talks between Ube and Mitsui were earlier expected to be concluded by October, the deadline set by Mitsui and Sumitomo Chemical for the merger of their polyolefins operations (ACN 1/8 Jan, p6).

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